Patrick Industries (NASDAQ:PATK) PT Raised to $135.00 at KeyCorp

Patrick Industries (NASDAQ:PATK) had its price objective raised by KeyCorp from $125.00 to $135.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an overweight rating on the construction company’s stock.

Several other analysts also recently commented on the company. Roth Mkm reiterated a buy rating and set a $126.00 target price (up from $120.00) on shares of Patrick Industries in a research note on Monday, May 6th. Truist Financial boosted their price target on Patrick Industries from $130.00 to $150.00 and gave the stock a buy rating in a research report on Friday. Robert W. Baird upped their target price on Patrick Industries from $120.00 to $128.00 and gave the company an outperform rating in a research report on Friday. Finally, BMO Capital Markets boosted their price objective on Patrick Industries from $120.00 to $125.00 and gave the company an outperform rating in a research report on Friday, May 3rd. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Moderate Buy and a consensus target price of $124.83.

Patrick Industries Price Performance

Shares of Patrick Industries stock opened at $120.14 on Friday. The company has a quick ratio of 0.96, a current ratio of 2.29 and a debt-to-equity ratio of 1.19. Patrick Industries has a twelve month low of $70.15 and a twelve month high of $136.00. The stock has a market capitalization of $2.69 billion, a price-to-earnings ratio of 17.80, a price-to-earnings-growth ratio of 0.92 and a beta of 1.65. The company has a 50-day simple moving average of $113.19 and a two-hundred day simple moving average of $111.48.

Patrick Industries (NASDAQ:PATK) last posted its quarterly earnings results on Thursday, August 1st. The construction company reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.05 by $0.11. Patrick Industries had a net margin of 4.26% and a return on equity of 15.06%. The business had revenue of $1.02 billion during the quarter, compared to the consensus estimate of $972.06 million. During the same quarter last year, the firm posted $1.94 EPS. Patrick Industries’s revenue was up 10.8% compared to the same quarter last year. Analysts forecast that Patrick Industries will post 8.07 EPS for the current year.

Patrick Industries Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 17th. Stockholders of record on Monday, June 3rd were given a dividend of $0.55 per share. This represents a $2.20 annualized dividend and a dividend yield of 1.83%. The ex-dividend date was Monday, June 3rd. Patrick Industries’s dividend payout ratio (DPR) is presently 32.59%.

Hedge Funds Weigh In On Patrick Industries

A number of large investors have recently made changes to their positions in PATK. Dimensional Fund Advisors LP raised its stake in shares of Patrick Industries by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,443,213 shares of the construction company’s stock valued at $144,828,000 after acquiring an additional 21,735 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Patrick Industries by 10.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 276,870 shares of the construction company’s stock worth $33,078,000 after acquiring an additional 26,389 shares in the last quarter. Tributary Capital Management LLC increased its position in Patrick Industries by 0.3% in the 2nd quarter. Tributary Capital Management LLC now owns 205,788 shares of the construction company’s stock valued at $22,338,000 after acquiring an additional 613 shares in the last quarter. Norges Bank acquired a new stake in shares of Patrick Industries during the 4th quarter worth approximately $14,782,000. Finally, Anchor Capital Management Company LLC boosted its holdings in Patrick Industries by 19.3% during the first quarter. Anchor Capital Management Company LLC now owns 123,809 shares of the construction company’s stock worth $14,791,000 after buying an additional 20,000 shares during the last quarter. Institutional investors and hedge funds own 93.29% of the company’s stock.

Patrick Industries Company Profile

Patrick Industries, Inc manufactures and distributes component products and materials for the recreational vehicle, marine, manufactured housing, and industrial markets in the United States, Mexico, China, and Canada. Its Manufacturing segment manufactures and sells laminated products for furniture, shelving, wall, countertop, and cabinet products; cabinet doors, fiberglass bath fixtures, and tile systems; hardwood furniture, vinyl printing, amplifiers, tower speakers, soundbars, and subwoofers; solid surface, granite, and quartz countertop fabrication; aluminum products; fiberglass and plastic components; RV paintings; decorative vinyl and paper laminated panels; softwoods lumber; custom cabinets; polymer-based flooring products; dash panels; and other products.